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The Income Tax Appellate Tribunal (ITAT), Mumbai Bench comprises of Rahul Chaudhary, Judicial Member, and Om Prakash Kant, Accountant Member ruled that supporting evidence is mandatory for claiming TDS Credit in lack of a TDS Certificate. The taxpayer DZ bank provides the loans to the Indian borrowers and obtains the payments, via its Indian borrowers […]
Employees’ Provident Fund is a government-sponsored savings plan for employees of the formal sector who work in companies with more than 20 employees. Besides serving as a retirement plan, it also serves as an emergency fund. Each year, the Employees’ Provident Fund Organization (EPFO), a government agency established by the Employees’ Provident Fund Act of […]
TDS credit on the obtained income would be permitted if the same was not claimed in the former years said by the Delhi bench Income Tax Appellate Tribunal (ITAT). The taxpayer Ujjwal Singh declared an income of Rs.1,01,79,310 and claimed the credit for TDS whose amount of Rs 5,70,516 was deducted through the deductor, KIN […]
The Income Tax Appellate Tribunal(ITAT), Mumbai bench ruled that the revision cost and the advantages of due indexation on house property are deductible during calculating the capital gain. The petitioner, Komal Gurumukh Sangtani is an NRI and under section 139 he does not furnish the return. The assessing officer reopened the assessment post to issue […]
As per the Cochin Chamber of Commerce and Industry (CCCI), the government’s decision to mandate the deduction of the income tax at source (TDS) towards the debt amount which is waived by the banks via one-time settlement (OTS) policy beneath section 194R of the income tax act would have bad outcomes. According to section 194R […]
July 31, 2024, will be the due date to file the ITR unless it gets postponed through the government’s guidelines. The last date is applied for the person whose accounts are not needed to get audited. According to the norms of the income tax laws, the employers are needed to provide Form 16 to the […]
The Maharashtra Authority of Advance Ruling (AAR) including T.R. Ramnani and Rajiv Magoo held that GST is subjected to pay on receipt of gratuitous payment from outgoing members. The petitioner has a co-operative housing society registered under the Maharashtra Co-operative Housing Society Act (MCHS Act) holding 48 flats that impose its member’s maintenance charges according […]
Covid-19 makes the employees suffer from a salary cut. However, when this gets rectified, the salaries of various employees were restored, and some of them even obtain bonuses. Tax experts specified that “Salary is taxed in the hands of an individual on due or receipt basis, whichever is earlier. However, if an individual receives a […]
What is New TDS Section 194R? The latest rule concerning the TDS is effective from the date July 1, 2022. The government specified the new TDS section 194R in the Income Tax Act in the Budget 2022-23. The amended section specified that a 10% TDS shall be deducted by any individual issuing any advantage or […]
